Getting Out of Financial Trouble
Unexpected bills, a reduction in income, or a change in family circumstances can easily put a person under significant financial stress. If you’re finding yourself struggling to pay the bills, don’t panic! There are options out there to help you.
Balancing The Books When You’re Struggling
1)Look into state aid and benefits
There are many benefits available to people who live in Texas. The SNAP food benefit system, TANF cash assistance for families with children, medical benefits and other support services can help you reduce your outgoings. These benefits are there to help people who have fallen on hard times. Take advantage of them so that you can cover the basic expenses of day to day life while you get back on your feet. Many benefits are means-tested based on income only, not assets, so even if you own a home and a car you may still qualify.
2)See if you can get a tax refund
There is no state income tax in Texas, but IRS withholding can still happen. File your tax returns and check to see if you could be eligible for a tax refund. The short-term cash injection could help you get through the next few months. Try to find out what caused the withholding to happen so that you aren’t giving the government a “free loan” for the next tax year.
3)Ask for help if you can’t pay your property taxes
Many families don’t budget for their property taxes as a monthly expense and just pay the bill when it comes in. If you’re faced with an expensive bill and no means to pay it, don’t bury your head in the sand. You may be able to get help with property taxes. The sooner you seek advice, the more likely it is that you will be able to find a positive resolution.
4)Look at gig-style jobs to boost your income
The gig economy can be a useful tool for people who need to increase their income. From taxi driving apps such as Uber to mystery shopping apps, survey sites and other tools to allow for casual work, there are options for almost every skill set. If you already have a job, doing some casual work on the side could give you some extra income while you look to move to a better job. If you’re currently between jobs then gig work is a relatively easy form of employment to find. It may not be the ideal option for you, but it is work that you can do around childcare, looking for other jobs, or even studying.
The issues you are facing now may be hard, but try to view them as just a temporary setback. You can recover and get back to financial security.